Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSICORG506B Mapping and Delivery Guide
Develop and monitor policy and procedures

Version 1.0
Issue Date: March 2024


Qualification -
Unit of Competency FNSICORG506B - Develop and monitor policy and procedures
Description This unit describes the functions involved in developing and maintaining policy and procedures in line with best practice.This unit describes the functions involved in developing and maintaining policy and procedures in line with best practice.
Employability Skills The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
Learning Outcomes and Application This unit requires the application of a wide range of management and organisational skills to the development of the organisations policies and operating procedures. It includes research, development, trialing, implementation and monitoring and review. It may be applied to any sector of the financial services industry. This unit requires the application of a wide range of management and organisational skills to the development of the organisations policies and operating procedures. It includes research, development, trialing, implementation and monitoring and review. It may be applied to any sector of the financial services industry.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities
Slides
PPT
Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify business and industry issues that require policy and procedure documentation
  • Issues are identified based on information on business processes, industry indicators and statutory and legislative requirements
  • Vulnerable areas are identified to enable the impact of financial loss and non-compliance to be assessed
  • New activities are evaluated to gauge the impact on policy and procedures
  • Existing activities are monitored to establish their impact on policy and procedures
       
Element: Research requirements for policy and operating procedures
  • Research is conducted thoroughly, including if necessary seeking advice from external legal personnel and consultants, to ensure that all statutory and legal obligations are meet
  • All relevant company personnel are consulted as appropriate to compile a clear picture of policy needs and perspectives
  • Issues for policy and procedures are ranked in order of priority relative to business performance and compliance requirements
       
Element: Formulate and document policy and procedures
  • Policy documentation is written in plain English, without unnecessary jargon and documented in an objective manner
  • Verification of policy and procedures is thoroughly completed with company staff to ensure quality of outcomes against established needs
       
Element: Implement policy and procedures
  • Policy documents are disseminated to all relevant staff in an appropriate form
  • Relevant training is provided to ensure consistent implementation of new or amended policy and procedures
  • Timetable is established to ensure policy and procedures are implemented in an orderly and coordinated way
       
Element: Monitor and review compliance with policy statement and operating procedures
  • Processes are established for regular monitoring of policy and procedures to ensure company and industry requirements are met
  • Policy is monitored against Key Performance Indicators (KPIs) and company targets to evaluate currency and ongoing validity in terms of agreed company policy needs
  • Required changes are implemented following comprehensive testing in a programmed way to ensure expected outcome is delivered
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

a comprehensive understanding and ability to implement company policy

sound policy and procedures development skills

ability to identify lack of compliance and areas of mismanagement

strong communication skills to clarify and disseminate information

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:

This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.

Evidence is most relevant when provided through an integrated activity that combines the elements of competency for the unit, or a cluster of units of competency.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competency will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment.


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

REQUIRED KNOWLEDGE&SKILLS

Knowledge requirements include:

existing company policy and procedures

knowledge or awareness of relevant acts and regulations

legal systems and procedures

industry best practice

industry codes of practice

computer systems

procedure writing

Skills requirements include:

organisational skills

research skills

basic administration methods

negotiation skills

writing

strong interpersonal skills

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Industry indicators may include, but are not limited to:

changing trading conditions

new methods and equipment available

changing trading and paying habits of customers

changing legislation governing business

economic, statistical and other information obtained from external bodies including industry bodies

Statutory and legislative requirements may cover:

Australian Accounting Standards

relevant Insurance Act

Consumer Credit legislation

industry codes of practice

Australian Securities and Companies Code

Trade Practices Act

Privacy Act

Credit Act/Code

Fair Trading Act

Companies and Securities Code

Partnership Act

Corporations Law

Magistrate's Court Act

Small Debts Court Act or equivalent

Evidence Reproduction Act or equivalent

Bills of Sale and Other Instruments Act

Cheques and Payment Orders Act

equal opportunities

Criminal Act

Sales Tax Legislation

appropriate Sections of the Taxation Act

Stamp Duties Act

Sales of Goods Act

relevant occupational health and safety (OH&S) Act

Policy and procedures may cover:

overall company goals and objectives

operating procedures

operations manuals

computer system documentation

internal control guidelines

legal obligations and framework

information on liaison, information dissemination and marketing

trading terms

training, development and supervision of staff

procedure and guidelines for daily functions such as maintenance of files

gathering and evaluation of information

Methods by which personnel are Consulted may include, but are not limited to:

personal interviews

written surveys

informal or formal meetings

feedback received via email or fax

An appropriate form may include, but is not limited to:

schedules

manuals

training materials

administrative guidelines

Testing can include:

running current system and new/changed system in parallel for a defined period

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Issues are identified based on information on business processes, industry indicators and statutory and legislative requirements 
Vulnerable areas are identified to enable the impact of financial loss and non-compliance to be assessed 
New activities are evaluated to gauge the impact on policy and procedures 
Existing activities are monitored to establish their impact on policy and procedures 
Research is conducted thoroughly, including if necessary seeking advice from external legal personnel and consultants, to ensure that all statutory and legal obligations are meet 
All relevant company personnel are consulted as appropriate to compile a clear picture of policy needs and perspectives 
Issues for policy and procedures are ranked in order of priority relative to business performance and compliance requirements 
Policy documentation is written in plain English, without unnecessary jargon and documented in an objective manner 
Verification of policy and procedures is thoroughly completed with company staff to ensure quality of outcomes against established needs 
Policy documents are disseminated to all relevant staff in an appropriate form 
Relevant training is provided to ensure consistent implementation of new or amended policy and procedures 
Timetable is established to ensure policy and procedures are implemented in an orderly and coordinated way 
Processes are established for regular monitoring of policy and procedures to ensure company and industry requirements are met 
Policy is monitored against Key Performance Indicators (KPIs) and company targets to evaluate currency and ongoing validity in terms of agreed company policy needs 
Required changes are implemented following comprehensive testing in a programmed way to ensure expected outcome is delivered 

Forms

Assessment Cover Sheet

FNSICORG506B - Develop and monitor policy and procedures
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

FNSICORG506B - Develop and monitor policy and procedures

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: